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20121108
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on the verge for american oil revolution? according to the international energy agency, the u.s. will overtake saudi arabia as the world's largest oil producer that before the year 2020. but -- don't get your hopes completely up as the epa could block this fantastic market-driven advance. nobody better to talk about it is john hofmeister. john, it is a pleasure to have you here. now, is it credible, first of all the report, we will overtake the saudis? >> report is credible. the iea is smart, good analysts. we have the reserves, no question we have the reserves. in the ground today. number two, we have the technology to get the reserves out of the ground. and number three, we have the money to pay for it. >> right. >> capital exists. >> will the capital be spent? i want to go back. i want to backtrack because i know you are so good at this. with you l the capital be -- so far it has been invested. is that fair? >> it has been invested on private lands, private property owners giving up mineral rights under state permits but something is about to change. that everybody needs to be mindful of. w
, pound of flesh, social policy, energy policy and economic policy! how long before they come crashing in. >> i think they're there already and they are keeping a watchful eye on their president right now to make sure that he doesn't abandon them on those issues too quickly, but i think we'll have to come down to finding that common ground and i think it will be in the cold of december before we really get there because a realization will have to upon happen and john boehner tre tried to make that clear this week and if we'll have a fight strictly on tax rates, the republican house will not vote for higher tax rates. that's not going happen and i'm going to think today of the 230-plus house republicans which ones might be vulnerable for opposing higher tax rates and i can't think of any. i mean, they are unified here and they're representing their dift recs and they've won one, if not two leches on their policy and they're not going anywhere so that has to come off the table and we have to start talking about some of these new ideas as difficult as they are, steve is right. these tax expe
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